Business in Nebraska
VOLUME 64 NO. 698
PRESENTED BY THE UNL BUREAU OF BUSINESS RESEARCH (BBR)
JULY 2010
A TENTATIVE RECOVERY
By the Nebraska Business Forecast Council
U.S. Macroeconomic Outlook
during an economic recovery, is continuing to shed
jobs.
he U.S. economy is persevering in its
transition to a self-sustaining recovery
fueled by private consumer spending and
business investment. But, that transition
is tenuous, with factors both encouraging
and discouraging growth. Among factors encouraging
growth, consumer spending and business investment
continue to expand, supported by rising wage income
and profits. As is typical in an economic recovery,
profits have rebounded as businesses which cut costs
during the recession are benefiting from rising revenue.
The labor market also has begun to recover. While
gains have been limited, the U.S. economy has added
private sector jobs over the first six months of 2010.
Further, the average hours worked per week has grown
modestly, buttressing these modest employment gains.
The net impact has been growth in total hours worked
in the private sector. This underpins growth in income,
and ultimately, consumption. These positive trends in
profits and wage income should be enough to sustain
the economic recovery, especially as Federal Reserve
policy continues to accommodate economic growth.
T
The U.S. economy also faces the effects of debt
contagion in Europe. Heightened risk of sovereign and
bank default will slow European growth, and lower
corporate earnings and the appetite for risky investment
worldwide. All three factors have limited growth in the
U.S. over the last few months and will continue to do
so. Finally, the U.S. economy continues to face
headwinds due to public policy. Many new regulations
have been introduced into the economy during the last
two years. Further, over the past decade, the federal
government has rapidly increased spending, and
significantly expanded health care entitlements. These
trends have continued in the last two years. Such
spending increases imply higher future tax rates, which
discourage investment, work and economic growth.
The first such tax increases are likely to occur in the
next year. As noted earlier, these challenges imply a
modest expansion, and potential for a second recession.
Facing these headwinds we expect modest growth in
the U.S. economy over the next 3 years. Real GDP will
grow by 3.0% in 2010, by 2.8% in 2011, and by 2.5%
in 2012. Employment growth will be tepid and
unemployment rates will drop slowly. The consumer
price index is expected to rise by 1.5% in 2010, 1.7% in
2011, and 2.5% by 2012. As in recent years, economic
conditions will be relatively strong in Nebraska.
Nebraska continues to have a favorable industry mix,
with strength in agriculture and insurance. Nebraska
consumers also face fewer problems from
unemployment and falling home prices.
But, the U.S. economy also faces many challenges.
These challenges imply that the recovery will be
moderate rather than sharp and that the potential exists
for a second recession. To begin with, the economy
continues to face challenges from the housing and
commercial real estate markets. Continued foreclosures
and a large inventory of unsold homes and unused
commercial properties continue to limit new
construction and price growth. As a result, the
construction industry, which typically fuels growth
June 2010
page 1
Business in Nebraska
Nebraska Outlook
Construction and Mining
able 1 summarizes the Nebraska
economic outlook. The outlook is that
the sharp job losses of 2009 will be
followed by moderate employment and
income growth in 2010. Trend
employment and income growth are forecast for 2011
and 2012. Farm incomes, which were at record levels in
2008, fell sharply during 2009. But, Nebraska farm
income remained above its 10-year average in 2009,
and is forecast to rise in 2010, 2011, and 2012.
Nebraska construction activity bottomed in 2009, and is
recovering slowly. The non-residential construction
sector has been a continuing source of weakness.
Several major construction projects in Nebraska wound
down in 2009, and a surplus of commercial buildings
has limited new construction activity. Public projects,
however, have aided growth. There has been a modest
improvement in housing starts in 2010 as the economy
has recovered but not a strong recovery. Infrastructure
spending has been one bright spot for the construction
sector. Road construction and other infrastructure
projects should show modest growth in 2010 as Federal
stimulus spending supports new projects.
T
Table 1— Key Economic Growth Rates
Nonfarm
Nonfarm
Personal Income
Employment
(nominal)
2009
-2.1%
-0.2%
2010
0.3%
2.7%
2011
1.5%
3.8%
2012
1.6%
3.8%
Note: Nominal income growth includes inflation.
Net Farm
Income
(nominal)
-33.4%
11.9%
3.3%
1.6%
Overall, in 2010, two segments of the construction
sector – residential construction and road building –
will grow. By 2011, all three segments of the
construction industry will be expanding, and a solid
recovery should be underway in new home
construction. This will continue in 2012, though road
construction activity will fall that year. As a result, we
anticipate 1.0% growth in construction jobs in 2010,
and solid growth in 2011 and 2012. As seen in Table 3,
construction employment fell by 2,500 jobs (or 5%) in
2009. Job growth of 1.0% is expected in 2010, with
growth of 2.0% for 2011 and 2.5% for 2012.
This outlook was prepared in two phases. First, the
UNL Bureau of Business Research produced a
preliminary economic outlook, using a model
developed with UNO economics faculty member
Christopher Decker. Second, the Nebraska Business
Forecast Council met to produce a final outlook based
on the preliminary outlook, each Council member’s
research on a key sector of the economy, and the
group’s overall expertise about the Nebraska economy.
The resulting Nebraska outlook is detailed below.
Manufacturing
The manufacturing industry began to grow again in
2009, but the recovery was too slow to prevent
substantial job losses, as the industry cut cost in a bid to
survive a severe global recession. As a result, there
were steep job losses in the Nebraska manufacturing
industry in 2009. For example, employment in the
Nebraska durable goods industry declined by 13%
during the year. Continued growth in manufacturing
activity has begun to generate new manufacturing
employment in Nebraska. Preliminary estimates
suggest that manufacturing employment grew during
March and April of 2010. But, employment growth will
be modest over the year, given that manufacturers still
have room to grow employment by expanding weekly
hours, and using temporary worker agencies. Yearover-year, manufacturing employment will be flat in
2010, with modest increases in non-durable goods
offsetting modest job losses in the durable goods sector.
Employment
As seen in Table 2, job growth will return to Nebraska
in 2010, and should reach trend growth rates by 2011.
Employment will reach pre-recession levels by late2011. Job growth will be broad-based, returning to
most sectors in 2010 and others in 2011. Note also that
our current job outlook is less optimistic than our last
forecast in January 2010. This is due to concerns about
Europe and because final employment data for 2009
indicated heavier job losses than initially estimated.
Table 2— Comparison of Non-Farm Employment Forecasts
Jan 2010 Forecast
Current Forecast
2009
-1.3%
-2.1%
2009
0.9%
0.3%
2011
1.9%
1.5%
2012
N/A
1.6%
June 2010
page 2
Business in Nebraska
Table 3—Number of Nonfarm Jobs and Percent Changes by Industry Annual Averages (in thousands of jobs)
Construction,
TransMining &
portation
Nonfarm
Natural
NonWholesale Retail
and
InformAll
Federal Local
Total
Resources Durables durables
Trade
Trade Utilities ation Financial Services Gov’t Gov’t
2000
910.7
45
58.7
55.2
41.7
111.2
44.9
26.8
60.3
312.5
16.6
137.9
2001
916.8
45.3
54.7
56.3
42.5
110.5
45.2
25.8
60.2
319.5
16
140.8
2002
908.1
46.1
50.6
55.5
41.5
108.9
44.9
23.2
61.4
317.1
16.3
142.6
2003
910.5
47.4
47.3
55.1
41
107.2
46.4
21.5
62.4
322.6
16.7
142.9
2004
917.7
48.4
47
54
40.8
106.9
48.9
21.1
63.2
327.4
16.5
143.4
2005
930.2
47.8
48.4
52.9
40.6
107.2
52.3
20.2
64.5
335.2
16.3
144.7
2006
941.5
48.4
49.7
51.8
40.8
106.4
53.4
19.5
66.7
342.9
16.2
145.9
2007
957.4
50.5
50
51.4
41.1
107.5
56.2
19.4
68.7
350.3
15.9
146.5
2008
965.0
50.1
49.3
52.1
42.0
107.0
56.1
18.7
69.2
356.5
16.1
147.8
2009
944.4
47.6
42.7
50.7
41.0
104.3
52.4
17.5
68.2
351.6
16.5
152.1
Forecast Number
2010
946.8
2011
961.3
2012
976.7
Forecast Number
2010
0.3%
2011
1.5%
2012
1.6%
48.1
49.0
50.3
42.4
44.4
46.0
51.0
51.5
51.7
40.8
41.2
41.6
104.0
104.3
104.8
51.4
53.7
56.1
16.8
16.8
17.0
67.6
67.8
68.5
355.1
362.2
369.5
16.5
16.0
15.8
153.0
154.4
155.5
1.0%
2.0%
2.5%
-0.6%
4.7%
3.5%
0.5%
1.1%
0.4%
-0.6%
1.0%
1.0%
-0.3%
0.3%
0.5%
-1.9%
4.5%
4.5%
-3.8%
0.0%
1.0%
-0.8%
0.2%
1.0%
1.0%
2.0%
2.0%
0.5%
-3.5%
-1.1%
0.6%
0.9%
0.7%
Source: http://data.bls.gov/cgi-bin/dsrv, 2010
Recent increases in the value of the dollar will reduce
recent growth in the U.S. manufacturing industry.
However, the outlook for manufacturing job growth in
Nebraska is shaped to a large extent by the state’s large
agricultural sector. Food processing firms typically use
local agricultural products as inputs and many of
Nebraska’s machinery manufacturing firms produce
agricultural machinery. Both of these manufacturing
sectors will benefit from the long-term, positive outlook
for food consumption as the world’s population and
income levels continue to increase. Further, Nebraska’s
large cattle and crop sectors have made it a preferred
location for firms seeking to be part of the renewable
energy industry. Finally, Nebraska’s potential for wind
power production and location among major wind
power production states makes it an attractive location
for the manufacture of wind tower components.
goods employment is expected to rise by 4.7% in 2011
and 3.5% in 2012, recovering about half of the 6,600
jobs lost during 2009. Non-durable goods employment
will grow steadily, rising by 0.5% in 2010, 1.1% in
2011, and 0.4% in 2012. Job losses in the non-durable
goods industry were modest in 2009, so the rate of
recovery also will be more modest.
Transportation and Utilities
The national recession has impacted Nebraska’s rapidly
growing transportation sector. Trucking, rail, and
warehousing lost 3,700 jobs during 2009. Declining
industrial production resulting from the recession led to
a decline in the need for transportation services. The
need for transportation services is now recovering as
industrial production and rest of the national economy
grows. This will ultimately lead to growth in
transportation employment. Employment will decline
again in 2010 but employment is expected to grow by
4.5% from 2010 to 2011 and by another 4.5% in 2012.
By 2012, employment will fully recover to prerecession levels. And, over the long-run, the Nebraska
transportation sector will continue to grow.
These conditions point towards a partial recovery of
lost manufacturing jobs in the years to come, with
strong growth in manufacturing employment in 2011
and 2012. Durable goods employment is expected to
fall -0.6% year-over-year from 2009 to 2010. Durable
June 2010
page 3
Business in Nebraska
Information
In the long-run, Nebraska’s central location, advantages
of the I-80 corridor, low entry costs, educational
training programs, and favorable demographics all will
support average growth in the industry in the long-run.
Nebraska also benefits from an established and still
growing cluster of both major firms and small
entrepreneurial firms in the transportation sector.
The information industry contains a diverse group of
industries including newspapers, media outlets, sound
studios, and technology-oriented industries such as
telecommunications, data processing, web site development, and web publishing. Most of these industries
are cyclically sensitive, and portions of the industry
such as media are under substantial long-term pressure
as advertising revenues have dropped both due to the
recession and due to a shift of advertising to on-line and
wireless platforms. There also have been very
substantial increases in labor productivity in areas such
as telecommunications and publishing. These factors
point to both a long-term decline in employment and
sharp declines in the current recession. A 3.8% decline
is expected in 2010. Employment will be flat in 2011,
and employment is expected to grow by 200 jobs, or
1.0%, in 2012.
Wholesale Trade
Wholesale trade employment has changed little over
the last decade. Employment drifted both up and down
during the period but never by more than a few hundred
jobs from year to year. Trends also have not always
followed the overall Nebraska economy. Trends in the
industry may be hard to identify because many
wholesale businesses are tied to wider regional markets
as well as the local markets within the state. This means
growth in industry activity from year to year will
depend on the ability of Nebraska businesses to
maintain and gain customers from their competitors. At
the same time, rising productivity keeps a cap on total
industry employment, so there is no long-term trend of
job growth.
Financial Services
The financial services industry comprises a diverse
group of related industries including finance, insurance,
and real estate. The long-term trend in these industries
is for strong, stable growth as the need for financial and
insurance services grows in our increasingly complex,
service-oriented economy. Nebraska is also a national
leader in the insurance industry, and has a number of
strong, growing regional banks.
Industry employment will change little over the 2010 to
2012 period. Wholesale trade employment is expected
to decline by 0.6%, or about 200 jobs, during 2010.
Modest growth will return in both 2011 and 2012.
Wholesale trade employment is expected to grow by
1.0% in both years. Employment will nearly recover to
its pre-recession peak by 2012
The industry, however, has been impacted by current
weakness in the housing sector. Housing related
industry segments such as real estate, loan activity, and
mortgage brokers were weak in 2009 and will only
begin to recover as the housing industry accelerates,
most likely in 2011. Even with recovery, employment
growth may lag due to rapid increases in productivity.
Industry employment is expected to decline by -0.8% in
2010, grow by just 0.2% in 2011, and then recover to
1.0% growth in 2012.
Retail Trade
The year 2009 was difficult for the retail trade industry.
Facing declining retail sales, retail trade employment
fell by 2.5% during 2009. Retail sales are expected to
grow modestly during the slow, steady economic
recovery. However, such modest sales growth will not
support much growth in retail trade employment. This
is because productivity continues to rise rapidly in the
industry as larger retailers, which utilize fewer
employees per dollar of sales, continue to capture a
growing share of the market. Increased on-line sales
also limit future growth in retail trade employment.
Retail employment is expected to decline by 0.3%
during 2010. Modest employment growth will return in
2011 and 2012. Job growth of 0.3% is expected in 2011
and growth of 0.5% will occur in 2012. Employment is
not expected to return to pre-recession levels.
June 2010
Services
The services sector accounts for 37% of employment in
the Nebraska economy and contains a diverse group of
industries. Services includes some of the fastest
growing parts of the economy such as professional,
scientific and technical services and other types of
business services, as well as the largest industries in the
economy such as health care. Services also includes the
hospitality industry, encompassing lodging, food
page 4
Business in Nebraska
Personal Income
services, drinking places, and arts, entertainment, and
recreation businesses.
Sharply declining employment and proprietor profits
led to declining nominal income (income growth which
includes inflation) in 2009. Income growth, however,
will return in 2010 as employment and weekly hours
begin to recover. Income growth will reach trend levels
in 2011 and 2012 as employment growth accelerates
Farm income also will begin to recover in 2010, though
farm income will not return to record 2008 levels. As
seen in Table 4, our outlook for income growth is
below the outlook in our previous forecast. A weaker
jobs outlook has diminished our income outlook.
Some segments of the services industry such as health
care grow steadily, largely avoiding cyclical patterns.
However, portions of the industry closely follow the
business cycle, expanding rapidly when the economy
expands and declining when the economy is in
recession. These cyclical segments of the industry such
as business services shed employment during 2009. As
a result, total services industry employment declined in
2009 for the first time since 2002.
Table 4— Comparison of Forecasts for Nominal Income
But, these same cyclical segments of the industry,
including business services and hospitality, have begun
to recover in 2010. These segments of the industry rely
on improvements in business spending and consumer
discretionary income. Services industry employment
will increase by 1.0% in 2010 compared to 2009, for a
gain of 3,500 jobs. Growth will accelerate in 2011 and
2012 due to faster growth in the business services and
the hospitality segments, and continued strength in the
health care segment. Services sector employment
growth is expected to reach 2.0% in each year.
Nonfarm Income
Jan 2010 Forecast
2009
1.5%
2010
3.9%
2011
5.0%
2012
N/A
Farm Income
Jan 2010 Forecast
Current Forecast
2009
-33.4%
-33.4%
2010
8.2%
11.9%
2011
3.4%
3.3%
2012
N/A
1.6%
Note: Nominal income growth includes inflation.
Government
Federal government employment will be elevated in
2010 due to the decennial Census. Workers hired in
2009 and 2010 will work through the late summer and
fall of 2010. But, job gains in 2009 and 2010 will be
reversed during 2011. Further, the long-term trend for
federal government employment will remain flat, with
limited increases in some years offset by modest losses
in other years. Federal government employment will
rise by 0.5% in Nebraska in 2010, and then decline by
3.5% in 2011. Federal employment is expected to
decline by another 1.1% in 2012.
Nonfarm Personal Income
Recession conditions led to declining wage and salary
income, proprietor income, and dividend, interest, and
rent income in 2009. All three sources of income are
expected to grow in 2010 as the economy recovers.
As seen in Table 5, nonfarm wage and salary income
will grow by .9% in 2010. The slow recovery in the
labor market will not be enough to push wages higher
during the year. Wage growth will accelerate in 2011
and 2012, as job growth accelerates. Nonfarm wage and
salary income is expected to grow by 4.2% in 2011 and
4.3% in 2012. Growth in employee benefits (other labor
income) will match the pattern of wage and salary
income. Other labor income, which includes employer
contributions to health insurance, will grow by 2.9% in
2010 before growth accelerates to 5.4% in 2011 and
4.0% in 2012. This implies workers will be responsible
for paying a significant share of the increase in health
care costs. Non-farm proprietor income will snap back
in 2010.
Stimulus funding and an expansion of state funding for
local schools helped underpin strong job growth in state
and local government employment during 2009. State
and local government employment grew by 2.5% in
that year. In the coming years, local government
employment will continue to expand as the state
population grows However, with stimulus funding
ending, and public budgets under stress, employment
growth will moderate over the next three years. State
and local government employment is expected to grow
by 0.6% in 2010, 0.9% in 2011, and 0.7% in 2012.
June 2010
Current Forecast
-0.2%
2.7%
3.8%
3.8%
page 5
Business in Nebraska
Table 5—Nonfarm Personal Income and Selected Components and Net Farm Income (USDA) ($ millions)
Total
Personal
Nonfarm
Consumer Nonfarm Dividends, Current Wages & Salaries Other Contributions
Nonfarm Net Farm
Price
Personal Interest,
Transfer (Wages & Salaries Labor
to Social Residential Proprietor Income
Index
Income
& Rent
Receipts — Farm Wages) Income
Insurance Adjustment Income
(USDA)
Millions of Dollars
2000
172.2
$47,557
$10,108
$6,088
$26,649
$5,546
$4,225
-$854
$4,243
$1,453
2001
177.1
$49,569
$10,086
$6,693
$27,573
$5,981
$4,411
-$871
$4,518
$1,914
2002
179.9
$51,247
$10,095
$7,127
$28,474
$6,538
$4,553
-$902
$4,468
$867
2003
184.0
$53,071
$10,101
$7,424
$29,458
$7,136
$4,716
-$956
$4,624
$2,762
2004
188.9
$55,068
$9,926
$7,783
$30,857
$7,399
$4,924
-$971
$4,998
$3,587
2005
195.3
$57,190
$10,177
$8,210
$32,095
$7,836
$5,187
-$991
$5,051
$2,973
2006
201.6
$61,125
$11,471
$8,833
$33,905
$8,144
$5,595
-$960
$5,327
$2,020
2007
207.3
$64,289
$12,354
$9,382
$35,817
$8,383
$5,793
-$1,064
$5,209
$2,994
2008
215.3
-$1,081
$66,383
$12,426
$10,076
$37,010
$8,654
$5,984
$5,283
$4,026
2009
214.5
-$1,090
$66,220
$11,691
$10,940
$36,728
$8,858
$5,988
$5,091
$2,680
Forecast Number
2010
217.7
$68,005
$11,967
$11,366
$37,408
$9,115
$6,052
-$1,097
$5,299
$3,000
2011
221.4
$70,569
$12,389
$11,553
$38,976
$9,602
$6,367
-$1,132
$5,548
$3,100
2012
227.0
$73,260
$12,869
$11,812
$40,648
$9,990
$6,634
-$1,167
$5,742
$3,150
Forecast % (nominal growth)
2010
1.5%
2.7%
2.4%
3.9%
1.9%
2.9%
0.9%
0.6%
4.1%
11.9%
2011
1.7%
3.8%
3.5%
1.7%
4.2%
5.4%
5.2%
3.2%
4.7%
3.3%
2012
2.5%
3.8%
3.9%
2.2%
4.3%
4.0%
4.2%
3.1%
3.5%
1.6%
Source: http://www.bea.gov, 2010
Note: Nominal income growth includes inflation.
Growth in transfer income is expected to sharply
decelerate during the forecast period. With the nation
posting record budget deficits, some measure of
entitlement reform is expected. Transfer income is
expected to grow by 3.9% in 2010, before falling back
to 1.7% in 2011 and 2.2% in 2012.
exports. At the same time, financial contagion in
Europe has caused a significant appreciation in the U.S.
dollar, which hurts agricultural exports.
The net impact of these macroeconomic conditions is at
a minimum to stabilize farm incomes and mostly likely
to encourage modest growth. We anticipate that farm
income will rise to $3.0 billion in 2010, or an 11.9%
increase. Farm income is expected to rise to $3.1 billion
in 2011 and $3.15 billion in 2012.
Farm Income
As is evident in Table 5, there has been substantial
volatility in farm incomes in recent years. These
fluctuations have been due to external factors beyond
the producers’ control – the dollar exchange rate, the
price of oil on world markets, consumer shifts in diet
under financial constraints, and global agricultural
production levels. The sharp decline in Nebraska farm
incomes in 2009 (after hitting record levels in 2008) are
a case in point. In 2009, crop commodity prices fell
from their high levels in 2008, while both crop and
livestock producers faced higher input costs.
At the same time, we anticipate a rebalancing of farm
income between the crop and livestock sectors. The
year 2010 is evolving to be a year of stronger livestock
commodity prices while crop prices are more muted.
As a result, livestock producers are returning to income
profitability after losses for the past two years. But, the
incomes of crop producers will not be as strong. Crop
producers should experience solid incomes in 2010 and
beyond rather than the high income levels of recent
years.
Macroeconomic conditions for agriculture are both
better and worse in 2010. The global economic
recovery, especially in Asia, should aid agricultural
June 2010
page 6
Business in Nebraska
Net Taxable Retail Sales
In Table 6, data on net taxable retail sales are divided
into motor vehicle sales and non-motor vehicle sales.
The distinction is important. Motor vehicle net taxable
sales are growing over time, but at an uneven rate from
year to year. Non-motor vehicle taxable sales rise
steadily, but are affected by business cycles and
periodic changes to Nebraska’s sales tax base. During
the outlook period, we do not anticipate changes in the
sales tax base, but the economic recession and recovery
will influence taxable sales.
Motor vehicle net taxable sales also will stage a
recovery in 2010. The year 2009, as is well known, was
a very difficult year for vehicle sales across the United
States. Vehicle sales held up better in Nebraska but the
value of net taxable sales still declined by 5.0%. Motor
vehicle net taxable sales are expected to bounce back in
2010, growing by 6.0%. The sales recovery is expected
to continue in 2011 and 2012, given that interest rates
should remain low in the United States over the next
three years. Motor vehicle net taxable sales are
expected to grow by 6.0% in 2011 and by 5.3% in
2012.
Non-motor vehicle taxable sales declined in Nebraska
in 2009 as the state was gripped by recession and
falling incomes. Taxable sales should rebound this year
as income and the overall economy recover. However,
like income growth, growth in non-motor vehicle
taxable sales will be steady and solid, but not rapid. A
growth rate of 4.0% is expected in 2010. Growth of
3.9% is anticipated for in 2011, with 4.0% growth in
2012. All three growth rates will exceed inflation rates.
Like, income, growth in overall net taxable sales (from
both sources) will rise at a solid pace over the next
three years. Growth in overall net taxable sales will
reach 4.2% in 2010, and sales tax revenue will more
than recover all of the revenue lost in 2009. Growth in
net taxable sales will reach 4.1% in both 2011 and in
2012.
Table 6—Net Taxable Retail Sales, Annual Totals ($ millions)
Consumer
Total
Price Index
Net Taxable Sales
Millions of Dollars
2000
172.2
$20,443
2001
177.1
$21,057
2002
179.9
$21,426
2003
184.0
$22,092
2004
188.9
$23,618
2005
195.3
$24,443
2006
201.6
$24,978
2007
207.3
$26,237
2008
215.3
$26,664
2009
214.5
$25,709
Forecast Number
2010
217.7
$26,794
2011
221.4
$27,901
2012
227.0
$29,058
Forecast % (nominal growth)
2010
1.5%
4.2%
2011
1.7%
4.1%
2012
2.5%
4.1%
Source: Nebraska Department of Revenue, 2010
Note: Nominal taxable sales growth includes inflation.
January 2010
page 7
Motor Vehicle
Net Taxable Sales
Non Motor Vehicle
Net Taxable Retail Sales
$2,605
$2,897
$2,926
$2,894
$2,885
$2,751
$2,661
$2,902
$2,943
$2,798
$17,838
$18,160
$18,500
$19,199
$20,733
$21,691
$22,317
$23,335
$23,721
$22,911
$2,966
$3,144
$3,311
$23,828
$24,757
$25,747
6.0%
6.0%
5.3%
4.0%
3.9%
4.0%
Business in Nebraska
Our Thanks …
The Bureau of Business Research is grateful for the help of the Nebraska Business Forecast Council.
Serving this session were

John Austin, Department of Economics, UNL;

Chris Decker, Department of Economics, UNO;

Tom Doering, Nebraska Department of Economic Development;

Ernie Goss, Department of Economics, Creighton University;

Bruce Johnson, Department of Agricultural Economics, UNL;

Ken Lemke, Nebraska Public Power District;

Phil Baker, Nebraska Department of Labor;

Franz Schwarz, Nebraska Department of Revenue;

Scott Strain, Greater Omaha Chamber of Commerce;

Eric Thompson, Bureau of Business Research, UNL;

Keith Turner, Department of Economics, UNO (emeritus)
Copyright 2010 by Bureau of Business Research,
University of Nebraska-Lincoln. Business in Nebraska is
published in four issues per year by the Bureau of
Business Research. Inquiries should be directed to
Bureau of Business Research, 347 CBA, University of
Nebraska–Lincoln 68588-0406. See the latest edition of
Business in Nebraska at http://www.bbr.unl.edu
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